Energy Sector

Suzlon gets approval; to raise Rs 1800 crore through Depositary Share Offer

Suzlon EnergySuzlon Energy Ltd, the world's fifth-largest wind turbine maker, has finally secured Indian regulatory approval to raise up to Rs 1800 crore ($370 million) through depositary share offer overseas.

However, the company has yet to decide on whether to go for American or Global depositary receipts.

BPCL arm to spend Rs 2131 crore for setup of bio-diesel project in Uttar Pradesh

BPCLBharat Renewable Energy, a JV promoted by Bharat Petroleum Corporation (BPCL), has decided to invest Rs 2,131 crore in a bio-diesel project in Uttar Pradesh.

Deora is asked to file reply by Nov 27

The Chief Election commission of India has served a notice to Union Petroleum minister Murli Deora for his alleged announcement on fuel price reduction. Mr. Deora had announced price reduction in line with falling international prices of crude oil, after completion of the ongoing election process and opposition parties, especially, BJP, objected to the comments of the Union Minister.

BJP filed a complaint against him before the election commission. Now, the EC has asked the Union Minister to file his reply by November 27 on his comments regarding price cut.

ONGC To Reconstruct Its Infrastructure For Rs.15000 Cr

The country’s largest oil and gas Production Company, ONGC has decided to revamp whole infrastructure across the country. The company will spend about Rs 15,000 crore for this purpose. Restructuring will start with the company's assets in Assam.

ONGC has three fields in Assam - Rudrasagar, Lakwa and Geleki. The Rudrasagar field is almost 40 years old.

Company executive said, “There are frequent leaks in pipelines from producing wells which lead to shutdowns and in the Lakwa field the gas is lost due to old infrastructure."

Thermax Signs “Technical Transfer License” Pact With US firm, Stock Up 9%

Indian engineering equipment maker, Thermax Ltd has entered into a technical transfer license agreement with Babcock & Wilcox Power Generation (B&W PGG), USA for utility boilers.

Under the deal, Thermax will get rights to design, manufacture and sell subcritical B&W Radiant utility boilers in India. The boilers will be used to generate steam in thermal power plants, primarily owned by independent power producers (IPPs).

Reliance Power Listing May Charge Up Investors

As the black days for Indian share market continues, there is a hope
for the rising of the market. Reliance Power is going to be listed on
the domestic exchange.

Referring to the listing of Reliance Power on Monday, Angel
Broking's Lalit Thakkar said that we are just one day away from the
worst for the market to end. We feel the market is near the bottom and
the last news (listing) of Reliance Power needs to be digested. After
that, there is no negative news.

MRPL Gets Into JV With SHELL In Aviation Fuelling Business

ONGC owned- Mangalore Refinery & Petrochemicals Ltd (MRPL) has announced the joint venture with Shell for domestic marketing of Aviation Fuel.

The agreementment was inked on February 5, 2008 by Mr. R Rajamani, Managing Director, MRPL and Mr. Sjoerd Post, Vice President, Shell Aviation in the presence of Chairman ONGC Group of Companies Sri R S Sharma and Chairman Shell Group of Companies in India Mr. Vikaram hta. The agreement will be come into effect from March 2008.

Tata Power Announces Completion Of Maithon Power Limited

Tata Power Company Ltd (Tata Power) has said that the Maithon Power Ltd (MPL), has announced completion of its financing for the 1050 MW coal based thermal power project, being set up in Dhanbad District of Jharkhand State.

The 1,050-MW Maithon Right Bank Thermal Power Project is being set up by Tata Power in joint venture with Damodar Valley Corporation. Tata Power owns a 74% stake in Maithon Power Ltd, while the rest 26% is held by DVC.